St Kilda Football club has reported an operating loss (EBITDA) of $1,198,587. After accounting for depreciation, amortisation and interest the club made a statutory loss of $2,614,837 for the year ending October 31, 2013.
President Peter Summers said everyone at the Club is disappointed in the financial result which contrasted with an EBITDA profit for 2012 of $631,135 (statutory loss of $436,818)
"Losing our first two matches of the season unfortunately saw membership stop abruptly at 32,748 which was 2705 members short of our 2012 figure. With a 16th place ladder finish, many other match-related activities experienced sizeable negative movement, which is not uncommon when team performance falls away as it did for us in 2013,” Summers said.
The material matters that have impacted the financial result include:
- Membership revenue: negative variance of $438,990 to 2012 (35,453 members in 2012 down to 32,748 in 2013)
- Match returns revenue: negative variance of $264,012 to 2012
- Merchandise net profit negative variance of $213,893 to 2012
- AFL future fund dis-equal untagged compensation: reduction in dividend by $275 000 (2012 - $700,000, 2013 - $425,000 )
- Saints Marching Fund (foundation): establishment costs of $203,800 (to be launched in calendar year 2014)
- Events and hospitality net profit: negative variance of $453,872 to 2012
Mr Summers also said "Importantly, the result also includes one-off termination costs in the football department which occurred late in the financial year. Without these one-off costs, as well as the foundation establishment costs, the loss before depreciation, amortisation and interest would have been in the order of $495,000. Whilst still disappointing, this number is well under the extreme numbers that have been circulating and reported in some quarters in recent times."
Among our key achievements in 2013 was our Anzac Day match in Wellington, New Zealand, making us the first club in AFL history to host a match for premiership points outside Australia. This historic game attracted a healthy crowd of 22,500 including 5000 Australians who travelled for the match including almost 3000 St Kilda members.
On the back of that success, the club has committed to playing games in Wellington for the next five years and has recently launched a New Zealand membership program. The 2013 match contributed positively to our results and we are very confident the returns in future years will grow and be a significant profit driver for the business.
Our 140th anniversary was celebrated with three of our club greats being elevated to legend status. Ross Smith, Neil Roberts and Trevor Barker became official legends of our club, joining Darrel Baldock, Allan Jeans, Ian Stewart and Tony Lockett in that elite group.
Nine St Kilda players made their AFL debuts in 2013 and a further three joined us from other AFL clubs in a strong sign of change within the playing group.
Further change to the playing group came at the end of the season, with the club emerging from a successful trade period with pacy midfielder Shane Savage, young key defenders Luke Delaney and Josh Bruce and exciting young ruck prospect Billy Longer.
The trade period also helped the club to its strongest draft position for more than a decade with three first-round picks netting exciting midfielders Jack Billings, Luke Dunstan and Blake Acres. Given the Trevor Barker Award was won by 23 year old, Jack Steven, we are confident our emerging talent will provide a solid foundation for future success.
Whilst our young talent continues to develop, we continue to be excited the confidence and leadership our great champions continue to show in the Club and its direction.
Further information on the 2013 year and the Club's strategic direction will be provided in the President's Report included in the Annual Report.
The AGM will be held at Frankston Arts Centre on February 7th, all registered members are welcome to attend.
To view St Kilda's annual report click here.